I disseminated a nasty, 1265.60 target intraday based on the pattern shown. Although it will be in play until such time as C=1331.40 is exceeded to the upside, it is encouraging that the bounce from Tuesday’s lows exceeded the pattern’s midpoint pivot at 1298.50. The pivot looked like an enticing short the first time it was hit on the way up, but subsequent price action looks more like a bullish consolidation than distribution. Even so, to ‘actualize’ the bullish potential of this picture, buyers will need to achieve 1312.40 today. That would exceed a very small ‘external’ peak made on the way down yesterday at around 6:00 a.m. ET. The peak is barely visible on the chart displayed, but it is significant because any rally that get’s past it will be bullishly impulsive.
